Fort Collins, Colorado, March 07, 2024 (GLOBE NEWSWIRE) -- The Software Defined Storage (SDS) Market size was valued at USD 35.8 Billion in 2023 and is expected to have a market size of USD 240.2 Billion by 2032 with a CAGR of 23.5%.
Software defined storage simplifies increased automation, complete resource utilization, quicker resource re-provisioning, and less expensive hardware. Additionally, it enables IT departments and service providers to react promptly to requests from the company. SDS solutions are being used by many businesses to reduce issues with obtaining hardware from their vendors. The market for software defined storage is expanding due to the many advantages of SDS to vendors such as cost savings, high performance, security, scalability, and flexibility.
IT specialists must procure several types of storage to maximize performance, capacity, power consumption, and cost due to the ongoing exponential rise in data demand. As users can independently modify the capacity and performance of the storage, software-defined storage has the potential to be cost-effective. In addition to providing shared storage features like load balancing, data migration, data mobility, high availability, and disaster recovery, SDS assimilates a global namespace. SDS solutions provide enterprise-class reliability, serviceability, performance, and availability by utilizing commodity server hardware platforms and commodity server-side storage.
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Segmentation Overview:
The global software defined storage market has been segmented into type, enterprise size, end-user, and region. Based on end-user, the market is segmented into BFSI, government, education, manufacturing, healthcare, IT services, and others. The IT services segment accounted for a prominent market share in 2023. The emergence of big data technology is fueling the demand in the IT sector.
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Software Defined Storage Market Report Highlights:
- The global software defined storage market growth is anticipated at a CAGR of 23.5% by 2032.
- The rise in demand for storage systems owing to an increasing amount of data contributes to market developments.
- North America registered a significant market share in 2022 and is expected to retain a dominant position in the following years. Robust technological capabilities, and high adoption of cloud infrastructure constitute as growth factors.
- Some prominent players in the software defined storage market report include NetApp Inc., IBM Corporation, Dell Technologies, Nvidia, StarWind Software, Inc, Juniper Networks, Oracle Corporation, VMWare, Inc., Huawei Technologies Co. Ltd, Open Text Corp., and Fujitsu Limited
Industry Trends and Insights:
- In 2024, IBM has integrated Red Hat’s storage product portfolio and created IBM Storage Ceph, which is the state-of-the-art open source software define storage platform. This was formerly known as Red Hat Ceph.
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Software Defined Storage Market Segmentation:
By Type: Block, File, Object and Hyper-converged Infrastructure
By Enterprise Size: SMEs and Large Enterprises
By End-user: BFSI, Government, Education, Manufacturing, Healthcare, IT Services, and Others
By Region: North America, Latin America, Europe, Asia Pacific, the Middle East and Africa.
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